Here’s your real estate report for fall 2019.

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A lot of people have been asking me lately whether ours is a buyer’s or a seller’s market. Right now, the overall Richmond market has about a 4.8-month supply of homes, meaning it would take approximately 4.8 months to sell all our current inventory if no new homes were listed. Statistics show us that a balanced market is one that has around a six-month supply of inventory, and since we have less than that, we’re in a seller’s market.

However, whether you’re in a buyer’s or seller’s market really depends on your price range, location, and neighborhood. Typically, homes at $400,000 and under are in a seller’s market, since lower-priced homes are more scarce than higher-priced ones. Homes in the upper range, where there is more inventory, are typically in a buyer’s market and often take a bit longer to sell.

So how does the current amount of inventory affect demand? Since we’re entering the fall market, fewer people are listing their homes, so we expect inventory levels not to climb too much and demand to remain strong.

“Don’t let anybody tell you that you should buy or sell regardless of what the market is doing.”

If you’re looking to sell, now could be a great time, especially if your home is under $400,000.

Interest rates remain low, and that requires homebuyers to act quickly before they lose out on homes in limited-inventory markets.

While no one can actually predict exactly what will happen with interest rates, we do know that they’ve remained steady lately. You can get a good 30-year fixed-rate mortgage now with a rate of 3.5% or 3.75%. As of making this video, we don’t expect rates to drop any more than they already have. It’s possible that they might increase slightly at the beginning of 2020.

So what does this all mean?

Individually, whether you should buy or sell depends on your housing needs. Don’t let anybody tell you that you should buy or sell regardless of what the market is doing. If you’re looking to buy or sell a home under $400,000 it could be a great time to do so since inventory is limited and rates are so low. You will have to hustle to get the deal, but that’s why it’s so important to have a competent and caring real estate professional to help you.

If you have any questions or need some real estate advice, feel free to contact us at any time. We’re always available to help you.